Gold had rallied through $1244 after our discussions yesterday, remaining shy of $1246/50 levels. The metal trades at $1239/40 levels at this point in time and it would be a surprise to drop towards $1232 levels, before pushing higher again. Please note that the upside remains intact for now, but a slight pullback maybe due before the bulls are back in control. A smaller degree impulse wave iii would be complete at $1246/50 levels as the larger degree Wave C potentially unfolds. Please note this this rally, that began from $1160 levels earlier is just a corrective move A-B-C, which could terminate around $1250/70 levels before Gold resumes its downswing again. Overall, the short-medium term bullish structure remains intact for now and a safe strategy could be to buy on dips against $1210 levels.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.